25 years after its IPO, and more than a decade after it became the world's largest PC maker (for a while), DELL is once more a private company, thanks to Michael Dell and Silver Lake's $24.9B LBO. (PR)

Shareholders are set to receive $13.75/share in cash + a $0.13/share dividend payment. Dell has commenced the process of delisting from the Nasdaq.

As was widely expected, a majority of outstanding Dell (DELL) shares have been voted in favor of Michael Dell and Silver Lake's $24.9B LBO offer. (PR)

The transaction is expected to close before the end of Dell's Oct. quarter (FQ3). Shareholders will receive $13.75/share in cash and a $0.13/share special dividend, and are guaranteed an $0.08/share FQ3 quarterly dividend.

Michael Dell will own 75% of the company and remain CEO as he seeks to turn it around away from the unforgiving glare of Wall Street. The plan is to turn Dell into a "solutions" provider, with management set to increase their focus on three areas: security software, tools and "IT in a box."

Yesterday, Dell set indicative pricing on a $5.5B loan that will help pay for the buyout, with the package comprising a $1.5B five-year term loan C and a $4B 6.5-year term loan B.

Worldwide PC shipments are expected to fall 9.7% in 2013, according to IDC. Today's figure represents the second time the research firm has slashed its projection, from -7.8% in May, and from an original -1.3% back in March.

Tablets are the main transgressor, IDC noted. And China and other developing economies, which were once healthy drivers of PC sales, have seen demand dry up at even faster rates than developed markets.

Cannibalization appears to favor the small, as IDC nudged its 2013 tablet forecast to 227.4M, from 229.3M previously. To blame? New smartphones with large screens and the release of wearable devices like smart watches.

"Other" vendors, including white-label firms, had a 21.5% share (+230 bps). IDC estimates sales of density-optimized servers (beloved by Internet companies) rose 26.6% to $735M, and now make up 6.2% of server revenue.

The ruling paves the way for a Sep. 12 vote on the offer to take place.

Strine asserts there's no evidence to back up Icahn's claim the vote is rigged against his competing offer, or that shareholders are being coerced. "I think the special committee would dance in the streets if the Icahn group would make a topping bid that was firmly financed and would buy out everybody's shares at a greater price."

Carl Icahn and Dell (DELL) are due in court today, when the activist investor will ask a judge to fast-track his lawsuit against the company in his battle for control of the firm with Michael Dell.

Icahn wants to delay a shareholder vote on Michael Dell's and Silver Lake's offer for the company, which is due for September 12, and instead hold an annual meeting first, where he would attempt to install his own candidates as board members and fire the CEO.

Icahn also wants to force Dell's special committee to reverse its decision not to count abstention votes as no votes. Not including them in the tally is seen as advantageous to the buyout group.

Citigroup is cautious on Lenovo (LNVGY.PK) despite a small earnings beat. "The PC industry, particular in emerging markets, will continue to be challenging due to cannibalization by low-price tablets... With rising inventory levels and a weak China PC demand outlook in H2, Lenovo would have to maintain flawless execution to meet high Street expectations and margin guidance."

Delaware's Court of Chancery is scheduled to hold a hearing tomorrow over whether to fast-track Carl Icahn's legal challenge to Michael Dell's and Silver Lake's bid to take Dell (DELL) private.

Time is of the essence for Icahn, with a shareholder vote on the offer due on September 12, the financing for his rival proposal for Dell set to expire on September 17, and the company's board scheduled to vote on October 17.

Icahn wants simultaneous ballots on his and Michael Dell's bids, while he's also unhappy about changes to the voting requirements that he believes have rigged the ballot against him.

Carl Icahn bought 4M more Dell (DELL) shares last week, taking his total holding to 156.5M shares and his stake to 8.9% from 8.7%.

Icahn, who is battling Michael Dell and Silver Lake for control of the company, bought the stock the same day he filed a lawsuit seeking to block a a possible change to the shareholder date of record.

A day later, the buyout group sweetened their offer to $13.75 a share plus a $0.13 special dividend, and pledged that the quarterly $0.08 dividend would be paid. In return, Dell's special committee pushed back the date of record to August 13.

Icahn bought the shares at $12.94 each, meaning he'd make a profit on the transaction if Michael Dell's and Silver Lake's new bid is accepted.

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